The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with Rule 11 of the NCLT Rules, 2016, filed by the operational creditor seeking withdrawal of the matter. The withdrawal request is based on a deed of settlement dated 12.04.2021 entered into between the operational creditor and the corporate debtor.
M/s. GS Steel, the operational creditor, initiated proceedings under Section 9 of the IBC against M/s. SKC Infra Tech Pvt. Ltd., the corporate debtor. Subsequently, the operational creditor and the corporate debtor entered into a settlement deed dated 12.04.2021. Based on this settlement, the operational creditor filed an application under Section 60(5) of the IBC read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the insolvency petition. The NCLT considered the submissions and the settlement deed before dismissing the petition as withdrawn.
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Operational creditor…
Order delivered…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with Rule 11 of the NCLT Rules, 2016, filed by the operational creditor seeking withdrawal of the matter. The withdrawal request is based on a deed of settlement dated 12.04.2021 entered into between the operational creditor and the corporate debtor.
M/s. GS Steel, the operational creditor, initiated proceedings under Section 9 of the IBC against M/s. SKC Infra Tech Pvt. Ltd., the corporate debtor. Subsequently, the operational creditor and the corporate debtor entered into a settlement deed dated 12.04.2021. Based on this settlement, the operational creditor filed an application under Section 60(5) of the IBC read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the insolvency petition. The NCLT considered the submissions and the settlement deed before dismissing the petition as withdrawn.
Operational creditor…
Order delivered…